KREF-PA: the cash flow

Cash Flow Overview

Change in Cash

-$52,991K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net income (loss)

-117,333

-57,159

-26,939

-23,550

Accretion of deferred loan fees and discounts

2,583

4,139

4,816

12,104

Payment-in-kind interest

322

1,181

Amortization of deferred debt issuance costs and discounts

2,762

3,544

3,260

10,833

Loss (income) from equity method investments

-2,038

-495

-373

-3,097

Change in net assets of consolidated variable interest entities, cmbs trusts

-49

-153

-53

-96

Provision for credit losses, net

75,088

73,541

43,686

75,686

Change in fair value of loan held-for-sale

-44,751

Depreciation and amortization

992

979

893

1,711

Stock-based compensation expense

1,899

1,808

1,485

6,442

(gain) loss on sale of real estate owned

1,192

Loss (gain) on foreign currency translation

-5,377

1,190

Unrealized loss (gain) on foreign currency translation

-2,829

Loss (gain) on foreign currency forward contract

6,853

-1,265

Unrealized loss (gain) on foreign currency forward contract

-5,330

Assets related to real estate owned, held-for-sale, net of liabilities

-258

-1,749

2,577

-1,529

Accrued interest receivable, net

-5,368

1,762

-547

-3,008

Other assets

-2,736

4,782

1,033

-1,209

Accrued interest payable

-3,436

1,807

212

-7,259

Due to related parties

1,432

-997

414

174

Accounts payable, accrued expenses and other liabilities

-3,325

Other liabilities

-1,604

2,888

299

Net cash provided by (used in) operating activities

14,620

13,144

16,735

55,548

Proceeds from principal repayments of commercial real estate loans

551,811

489,651

307,610

1,112,490

Contributions to equity method investment-Real Estate Asset

18,767

Originations and fundings of commercial real estate loans

357,402

194,737

421,108

706,368

Contributions to equity method investment-Unconsolidated Enity

14,573

Capital expenditures on real estate owned

22,062

2,941

2,707

2,875

Purchases of commercial mortgage-backed securities

9,021

Payment to acquire real estate owned

10,651

Payment to acquire equity method investment, real estate asset

895

Net proceeds (payment) on sale of real estate owned, held-for-investment

-5,866

Net proceeds (payment) on sale of real estate owned, held-for-sale

48,790

-24,395

Contributions to equity method investment, real estate asset

1,495

-13,381

14,072

Payments for investments in cmbs securities

17,779

9,021

Net cash assumed from investment in real estate owned and related joint venture

Payment to acquire interest in consolidated cmbs trust

15,010

Net cash provided by (used in) investing activities

169,957

249,472

-135,473

399,764

Proceeds from borrowings under secured financing agreements

611,420

239,677

428,536

1,288,799

Proceeds from issuance of secured term loan

310,765

Proceeds from noncontrolling interest contributions

2,264

5,609

1,001

1,242

Principal repayments on borrowings under secured financing agreements

382,640

300,147

268,273

1,386,916

Principal repayments on borrowings under collateralized loan obligations

405,773

132,245

126,100

441,752

Principal repayments on borrowings under secured term loan

1,625

3,000

Principal repayments on borrowings under convertible notes

Payments of debt and collateralized debt obligation issuance costs

1,702

1,699

2,348

23,199

Payments of common stock dividends

16,069

16,092

16,307

50,553

Payments of preferred stock dividends

5,326

15,978

Payments to reacquire common stock

38,117

762

9,274

34,131

Tax withholding on stock-based compensation

1,344

Net cash provided by (used in) financing activities

-237,568

-212,610

-1,060

-354,723

Net increase (decrease) in cash, cash equivalents and restricted cash

-52,991

50,006

-119,798

100,589

Cash, cash equivalents and restricted cash at beginning of period

137,344

87,338

207,136

106,547

Cash, cash equivalents and restricted cash at end of period

84,353

137,344

87,338

207,136

Time Plot

Show the time plot by selecting a row from the table.

Cash Flow Overview

Change in Cash

-$52,991K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net income (loss)

-117,333

-57,159

-26,939

-23,550

Accretion of deferred loan fees and discounts

2,583

4,139

4,816

12,104

Payment-in-kind interest

322

1,181

Amortization of deferred debt issuance costs and discounts

2,762

3,544

3,260

10,833

Loss (income) from equity method investments

-2,038

-495

-373

-3,097

Change in net assets of consolidated variable interest entities, cmbs trusts

-49

-153

-53

-96

Provision for credit losses, net

75,088

73,541

43,686

75,686

Change in fair value of loan held-for-sale

-44,751

Depreciation and amortization

992

979

893

1,711

Stock-based compensation expense

1,899

1,808

1,485

6,442

(gain) loss on sale of real estate owned

1,192

Loss (gain) on foreign currency translation

-5,377

1,190

Unrealized loss (gain) on foreign currency translation

-2,829

Loss (gain) on foreign currency forward contract

6,853

-1,265

Unrealized loss (gain) on foreign currency forward contract

-5,330

Assets related to real estate owned, held-for-sale, net of liabilities

-258

-1,749

2,577

-1,529

Accrued interest receivable, net

-5,368

1,762

-547

-3,008

Other assets

-2,736

4,782

1,033

-1,209

Accrued interest payable

-3,436

1,807

212

-7,259

Due to related parties

1,432

-997

414

174

Accounts payable, accrued expenses and other liabilities

-3,325

Other liabilities

-1,604

2,888

299

Net cash provided by (used in) operating activities

14,620

13,144

16,735

55,548

Proceeds from principal repayments of commercial real estate loans

551,811

489,651

307,610

1,112,490

Contributions to equity method investment-Real Estate Asset

18,767

Originations and fundings of commercial real estate loans

357,402

194,737

421,108

706,368

Contributions to equity method investment-Unconsolidated Enity

14,573

Capital expenditures on real estate owned

22,062

2,941

2,707

2,875

Purchases of commercial mortgage-backed securities

9,021

Payment to acquire real estate owned

10,651

Payment to acquire equity method investment, real estate asset

895

Net proceeds (payment) on sale of real estate owned, held-for-investment

-5,866

Net proceeds (payment) on sale of real estate owned, held-for-sale

48,790

-24,395

Contributions to equity method investment, real estate asset

1,495

-13,381

14,072

Payments for investments in cmbs securities

17,779

9,021

Net cash assumed from investment in real estate owned and related joint venture

Payment to acquire interest in consolidated cmbs trust

15,010

Net cash provided by (used in) investing activities

169,957

249,472

-135,473

399,764

Proceeds from borrowings under secured financing agreements

611,420

239,677

428,536

1,288,799

Proceeds from issuance of secured term loan

310,765

Proceeds from noncontrolling interest contributions

2,264

5,609

1,001

1,242

Principal repayments on borrowings under secured financing agreements

382,640

300,147

268,273

1,386,916

Principal repayments on borrowings under collateralized loan obligations

405,773

132,245

126,100

441,752

Principal repayments on borrowings under secured term loan

1,625

3,000

Principal repayments on borrowings under convertible notes

Payments of debt and collateralized debt obligation issuance costs

1,702

1,699

2,348

23,199

Payments of common stock dividends

16,069

16,092

16,307

50,553

Payments of preferred stock dividends

5,326

15,978

Payments to reacquire common stock

38,117

762

9,274

34,131

Tax withholding on stock-based compensation

1,344

Net cash provided by (used in) financing activities

-237,568

-212,610

-1,060

-354,723

Net increase (decrease) in cash, cash equivalents and restricted cash

-52,991

50,006

-119,798

100,589

Cash, cash equivalents and restricted cash at beginning of period

137,344

87,338

207,136

106,547

Cash, cash equivalents and restricted cash at end of period

84,353

137,344

87,338

207,136

Time Plot

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